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As the Price of Gold Gains, U.S. Gold Coins Advance

March 28, 2013 - Before a slight drop on Thursday before the holiday weekend, the price of gold gained on Wednesday following a three-session drop. The price of gold is still in line for a 1.7 percent increase on the month, indicating a strong market, though current market events are swaying the price considerably.

By midday on Thursday, the spot price of gold shed $9.83 or 0.62 percent to $1,595.27 per troy ounce. U.S. gold futures for June delivery fell $12.10 or 0.73 percent to $1,595.90 per troy ounce.

Jim Wyckoff in the PM Kitco Metals Roundup said fresh safe-haven demand was featured in markets as there are still worries about the Cyprus banking crisis causing a run on European Union banks. He added that Cyprus banks are scheduled to reopen on Thursday and television cameras will be on the ATM machines there, watching for big lines. The concern, as Wyckoff points out, is that this could spook other EU bank depositors. He also said gold has benefitted from short covering from weak-handed sellers of the metal just recently.

Additionally, bullion sales advanced at the U.S. Mint as American Gold Eagle Coins gained 6,000 ounces and American Gold Buffalo coins gained 1,000 ounces. Sales of American Eagle Silver Coins, however, were unchanged following the coins’ surge of 918,500 ounces on the previous day to notably top year-to-date sales of 14 million ounces. Until the current month, 12.4 million ounces had been the highest sales total through the first three months of a year.

In Thursday’s trade before the holiday weekend, the spot price of gold dropped $9.83 or 0.66 percent to $1,594.69 per troy ounce. U.S. gold futures for June delivery lost $11.50 or 0.72 percent to $1,595.00 per troy ounce.

The marketplace continues to watch events out of Cyprus, which has reopened its banks with a 300 euro limit on cash withdrawals. Earlier this week, the government of Cyprus imposed a tax of up to 40 percent on accounts containing over 100,000 euros.

While the European sovereign debt crisis has been out of the news for some time, the most recent manifestation is an example of current market concerns that the tax on deposits could be a sign the debt crisis is again moving to the foreground in market affairs.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

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